Ripple has updated the XRP community on the anticipated launch of its stablecoin, RLUSD. In a statement posted on its official X account, the company emphasized that the launch remains pending final approval from the New York State Department of Financial Services (NYDFS).
Ripple reiterated its commitment to regulatory compliance, stating:
“Despite some speculation, $RLUSD isn’t launching today. We’re in lockstep with the NYDFS on final approval and will share updates as soon as possible. We are fully committed to launching under the supervision of NYDFS and upholding the highest regulatory standards.”
Despite some speculation, $RLUSD isn’t launching today. We’re in lockstep with the NYDFS on final approval and will share updates as soon as possible.
We are fully committed to launching under the supervision of NYDFS and upholding the highest regulatory standards. Stay tuned…
— Ripple (@Ripple) December 4, 2024
The update comes as the crypto community awaits RLUSD’s release, which has faced a protracted approval process. Ripple CEO Brad Garlinghouse previously indicated plans to launch the stablecoin months ago, but the timeline was extended due to regulatory considerations.
XRP Community Reactions
Ripple’s statement elicited varied responses from the community. Some voiced frustration, pointing out the extended timeline for the launch. One user remarked, “It was supposed to launch at the end of Q3, yet here we are at the end of Q4.”
Others expressed optimism, with one user commenting, “It’s ok even if it doesn’t launch today. We all know it will launch soon and that will be a huge next step for XRP/Ripple into becoming a dominant market in the crypto world.”
Many in the community also thanked Ripple for the update as a large section of the community anticipates the stablecoin’s launch today. The overall sentiment highlights the high expectations surrounding RLUSD and potential to enhance Ripple’s ecosystem.
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How Does this Affect XRP?
The launch of RLUSD is widely seen as a significant development for Ripple’s blockchain infrastructure, the XRP Ledger (XRPL). As RLUSD integrates with the XRPL, it is anticipated to drive increased activity on the network.
This, in turn, could boost the utility of XRP, the native digital asset used as a bridge currency for transactions on the platform. Greater adoption of RLUSD and the XRPL would likely enhance liquidity and strengthen Ripple’s position in the digital payments market.
Some in the community have proposed that RLUSD could help XRP climb as high as $10,000. Not everyone shares these lofty targets, but the consensus is that RLUSD’s launch will significantly benefit XRP. The stablecoin’s launch also represents a strategic move to attract institutional users seeking compliant, stable, and efficient solutions for financial operations.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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